Video on Role of Senior Management towards AML
Video on Role of Senior Management towards AML
The reporting entities (financial institutions, DNFBPs, and VASPs) must have a robust program in place to ensure compliance with AML rules and regulations. Ensuring the same requires the support of senior management, which plays a vital role in AML compliance.
The reporting entities must design and implement AML Policies and Procedures to ensure compliance with all the mandatory requirements. One of Senior Management’s key responsibilities is appointing a Compliance Officer. The Senior Management has the following roles and responsibilities:
- Appointment of Compliance Officer
- Approving AML Policy
- Approval to onboard high-risk customer
- Appointment of an Independent AML Audit Auditor
- Oversight of Third Parties
- Reviewing AML Report
- AML Issues fixing
- Non-Tolerance and leading
Chapters:
- 0:00 Introduction to the Role of Senior Management towards AML Compliance
- 0:36 Appointment of the AML compliance officer
- 0:59 Approval of AML policy
- 1:28 Approval to onboard high-risk customer
- 1:43 Independent AML audit and reviewing the report
- 2:20 Fixing AML issues and third parties oversight
- 2:56 Non-Tolerance and leading
- 3:31 Conclusion and regards
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